PARIS: Silatech, in collaboration with Gojo & Company (Gojo), launched a new project offers digitalised financial services to 89,600 youths in Cambodia, India, and Sri Lanka to start and sustain their income generating enterprises.
The project "Digital Financial Inclusion for Youth Economic Empowerment" was launched on the sidelines of the Third Observance of the International Day to Protect Education from Attack, at the UNESCO headquarters in Paris, France.
The three-year project aims to eliminate barriers in access to finance for young entrepreneurs, create income generation opportunities and promote financial inclusion and growth.
Commenting on the occasion, CEO of Silatech Hassan Al Mulla said: "We are very excited for this collaboration as we strongly believe in the power of digital solutions and more specifically financial solutions in tackling the global rising issue of youth unemployment. Through this partnership, Silatech hopes to elevate the development of the micro-small and medium enterprises in South and Southeast Asia. The changing world needs young people; with new skills that are compatible with the changed realities and perspectives. Creating inclusive access to financial services contributes to improving the livelihoods of the most vulnerable youths and allows young people to take control of their future and independently respond to societies needs."
For his part, Managing Partner of Gojo Arnaud Ventura said: "We are very pleased to initiate this partnership with Silatech to increase financial inclusion in order to address youth unemployment in South and Southeast Asia. Gojo, one of the fastest growing microfinance groups globally, together with its 9 inclusive financial service providers, is embracing digital technology to accelerate financial inclusion and intends to grow this strategy globally in the coming years."
In Cambodia, India and Sri Lanka, many young people struggle to access credit facilities due to lack of proper documentation including collaterals, employment proof and credit records often required by banks and microfinancing institutions hindering their ability to engage in income generating activities to provide for their families. This was worsened by the Covid-19 pandemic which hit the informal economy hardest in many developing countries, resulting in reduced income, job loss and constraints on financial access for youth.
To build a thriving generation of youth entrepreneurs, the Smart Financial Solution will tailor-make the financial inclusion needs of the low-income youth and provide easily accessible online digital services, alternative documentation and creditworthiness, and flexible loan products designed for youth.
